The basics of money

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The basics of money 1Well-known bibliophile, commentator and columnist Ashok Jainani once again introduces a rare book, regarded as a classic and published in 1926, The Richest Man in Babylon by George S. Clason. The book dispenses financial advice through a collection of parables, told by a fictional character called Arkad, who became the “richest man in Babylon”. Included in Arkad’s advice are the “Seven Cures” (or how to generate money and wealth), and the “Five Laws of Gold” (or how to protect and invest wealth).

Acquiring, keeping and making money earn more money

Interesting and fascinating parables written in language as simple and poetic as that found in the Bible tell the success stories of the ancients. It is as classic and modern as it was a hundred years ago. The Richest Man in Babylon is a delightful inspirational set of parables that explains the basics of money – a great gift or guide for anyone who seems baffled by the world of finance.

You must be successful with money is a prerequisite to bring your ambitions and desires to fulfillment. This book helps readers understand the financial principles dispensed through parables in order to illustrate practical financial wisdom of the Babylonians who were the richest people of their time. They appreciated the value of money. They practiced sound principles in acquiring money, keeping money and making their money earn more money; and provided for themselves what we all desire – financial freedom – incomes for the future.

In the “Foreword,” the author defines success. “Success means accomplishments as the result of our own efforts and abilities. Proper preparation is the key to our success. Our acts can be no wiser than our thoughts. Our thinking can be no wiser than our understanding.” For success with money, one must understand money. These parables were originally told as separate instructional pamphlets advising on the subject of thrift, financial planning and personal wealth.

From the Book

“Every fool must learn, but why trust the knowledge of a brickmaker about jewels? Would you go to the breadmaker to inquire about the stars? Youth, you have jerked your wealth-tree up by the roots. But plant another. Try again. And next time you would have advice about jewels, go to the jewel merchant. Advice is one thing that is freely given away, but watch that you take only what is worth having. He who takes advice about his savings from one, who is inexperienced in such matters, shall pay with his savings for proving the falsity of their opinions.”

“Money is the medium by which earthly success is measured. Money is plentiful for those who understand the simple laws that govern its acquisition. Money is governed today by the same laws which controlled it when prosperous men thronged the streets of Babylon, six thousand years ago.”

Like the law of gravity, these laws of money are universal and unchanging. “A fat purse quickly empties if there are no golden streams to refill it.” “An old tongue loves to wag. And when youth comes to age for advice, he receives the wisdom of years. But too often does youth think that age knows only the wisdom of the days that are gone, and therefore profits not. But remember this, the sun that shines today is the sun that shone when thy father was born, and will still be shining when thy last grandchild shall pass into the darkness.”

“Every gold piece you save is a slave to work for you. Every copper it earns is its child that also can earn for you.”

“A part of all you earn is your to keep. It should be not less than a tenth no matter how little you earn.”

“Wealth, like a tree, grows from a tiny seed. The first copper you save is the seed from which your tree of wealth shall grow. The sooner you plant that seed the sooner shall the tree grow. And the more faithfully you nourish and water that tree with consistent savings, the sooner may you bask in contentment beneath its shade.”

Author bio: IE&M

Indian Economy & Market is an Indian media and information platform producing data-backed news and analysis on all the vital elements at the intersection of the economy, stock markets, mutual fund, insurance, commodities, currency, technology, startups and business.

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